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Redhall Group

  • BY: Andrew Hore |
  • POSTED: 13/09/2012 |

Redhall Group is increasing the level of provisions on some of its contracts following a review by new chief executive Richard Shuttleworth and its fourth quarter trading is worse than expected. 

Shares in Redhall slumped 23p to 59.5p, which values the engineer at £17.8m. Non-executive director Phillip Hilling acquired 8,600 shares at 86p each at the beginning of August.

Underlying pre-tax profit of £1.7m is forecast for the year to September 2012, which is less than half the previous profit expectation. There will be a £1.6m provision for legacy contracts.

The litigation with Vivergo drags on and legal costs have meant that a further provision of £2m will be made this year. Redhall still thinks that it can recover the money it is owed. The court case will be heard in late October/early November and Redhall hopes that things will be clearer when it publishes its accounts.

Christopher Lewis-Jones is taking over as finance director from John O’Kane, although this is an interim appointment. Philip Brierley becomes group commercial director.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

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